So why can’t California Progressives manage money?
They get an extra billion, they spend two. Extra five billion they spend ten. Year in year out the revenue rises. And year in year out they spend more. Why? Simple answer is that it’s not their money is the way they look at it. So, what happens when the billionaires all flee? The middle class is already taxed to the max.
Venture capitalist Chamath Palihapitiya says California’s proposed billionaire tax is accelerating an exodus of ultra-wealthy residents, a shift he argues will worsen and not solve the state’s budget deficit.
Palihapitiya, who has been tracking capital flight from the Golden State, said California has so far lost an estimated $1 trillion.
